QuickBooks 2010 - Get Ready for the VAT Change 04 Jan 2011

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4 3 Option 1: Create a new Standard Rate VAT code 3.1 Checklist Here is a checklist of steps you must follow to update your VAT to 20% by creating new VAT codes. As you follow the steps, check them off here when you've completed them Steps Standard EC Goods EC Services EC Reverse Charge 1 Create new VAT codes Enter code you have used here Create new VAT items Create new VAT groups The VAT Wizard will set these up automatically Update sales items Update purchase items Update customer VAT codes (if needed) Update supplier VAT codes (if needed) Update accounts update default VAT code in the VAT Preferences section update memorised transactions Update progress invoices and other business forms 3.2 VAT Codes Here is a table of required new VAT codes. The VAT codes shown are suggested codes. You may create your own. The EC VAT codes are not required for Cash Accounting. VAT code Description VAT Return boxes Required for Cash Accounting S4 Standard (20%) Sales Yes VAT on Sales / Net Sales Purchases VAT on Purchases / Net Purchases EG4 EC Goods Std (20%) Purchases No VAT EC Acquisitions / NET EC Acquisitions VAT on Purchases / Net Purchases ES4 EC Services Std 20% Purchases No VAT due on Sales / Total net value of EC purchase of services VAT on Purchases / Net Purchases RC4 1 Reverse Charge 20% Sales No None, Net Reverse Charge Sales Purchases VAT on Sales, None VAT on Purchases / Net Purchases 1 Code RC4 is used for EC transactions as per Notice 735 (mobile phones and computer chips). You only need create this code if you deal with these types of transactions. Get Ready for the VAT Change - 4 January 2011
5 3.3 Create new VAT codes 3.3.1 Creating the new Standard Rate VAT Code Refer to the table in section 3.2 (above) for recommended VAT codes. 1. Go to the VAT menu and click Manage VAT. 2. Click Change VAT Setup. 3. Select the Add a new VAT rate radio button and click Next. Get Ready for the VAT Change - 4 January 2011
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Page 3: 3 1 Overview In his 2010 Emergency
Page 7 and 8: 7 6. Enter the applicable VAT Rate
Page 9 and 10: 9 10. Enter a code, up to 3 charact
Page 11 and 12: 11 3. Check that the VAT agency is
Page 13 and 14: 13 7. Select the radio button Show
Page 15 and 16: 15 3.3.3 Creating the new EC VAT Co
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Page 19 and 20: 19 9. Enter a code, up to 3 charact
Page 21 and 22: 21 3. Check that the VAT agency is
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Page 25 and 26: 25 11. Enter a code, up to 3 charac
Page 27 and 28: 27 3. A message is displayed recomm
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QuickBooks 2010 - Get Ready for the VAT Change 04 Jan 2011

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